Property and Casualty Insurance Nevada State Law Supplement Questions and Answers 100% Pass

Property and Casualty Insurance Nevada State Law Supplement Questions and Answers 100% Pass A certificate of authority gives a(n) Company authority to transact insurance in Nevada A characteristic unique to surplus lines insurance is that it May be written with unauthorized insurers provided there are no authorized insurers selling that type of policy in Nevada The commissioner must examine authorized insurers at least one every 5 years Which of these insurance professionals investigates or settles claims for a fee or commission Adjuster A producer offers a prospective buyer a trip to Jamaica in order the persuade him to buy a policy. If the prospect purchases the policy and takes the trip, the producer will have committed which violation? Rebating An applicant for a producer license must Pass an examination unless exempt Would a person who works in an agent's office and advises the public about the benefits and terms of insurance policies be required to take and examination for a producers license? Yes Within how many days after receiving notice of a claim must insurers begin investigating the claim? 20 days A commissioner has the duties of A. Examining domestic insurers B. Enforcing insurance laws C. Authorizing insurers to transact business in Nevada Using misrepresentation to induce a policy owner to replace a policy is called Twisting Insurers may be classified according to the jurisdiction under which they are organized. The main classifications are Domestic, foreign, alien How long must a producer's records remain open to inspect by the commissioner? 3 years after the policy expires A policy that has been in effect for more than 70 days CANNOT be cancelled because of Insured has filed several small claims and the company does not wish to continue to provide coverage Transacting insurance includes Soliciting Negotiating Effecting the contract NOT underwriting An unauthorized insurer Must place business through a surplus lines broker How long does a surplus lines broker's